2014 seattle multifamily urban market study -- dylan simon

2014 Seattle MultifaMily urban Market Study

2013 2014 2015 2016 2017 Future TotalBallard 586 616 441 82 211 1,350 Ballard 43% 46% 33% 6% 16% 100%Capitol Hill/Eastlake 769 828 862 161 618 2,469 Capitol Hill/Eastlake 31% 34% 35% 7% 25% 100%Downtown CBD 903 709 380 418 307 1,814 Downtown CBD 50% 39% 0% 21% 23% 17% 100%Belltown 337 486 653 902 150 3,331 5,522 Belltown 6% 9% 12% 16% 3% 60% 100%South Lake Union 807 959 985 921 1,650 1,200 5,715 South Lake Union 14% 17% 17% 16% 29% 21% 100%Green Lake/Wallingford 550 468 1042 125 119 1,754 Green Lake/Wallingford 31% 27% 59% 7% 0% 7% 100%University District 432 581 1024 744 466 2,815 University District 15% 21% 36% 0% 26% 17% 100%Queen Anne 88 379 265 103 114 861 Queen Anne 10% 44% 31% 12% 0% 13% 100%West Seattle 328 651 922 422 507 2,502 West Seattle 13% 26% 37% 17% 0% 20% 100%West Bellevue 114 266 1487 124 285 1,629 3,791 West Bellevue 3% 7% 39% 3% 8% 43% 100%SODO 183 333 158 347 838SODO 22% 40% 19% 0% 0% 41% 100%First Hill 131 1248 876 2,255 First Hill 6% 55% 0% 0% 39% 100%

31,686 2014 2015 2016 2017 Future

Ballard 46% 33% 6% 16%2014 2015 2016 Future

Capitol Hill/Eastlake 34% 35% 7% 25%2014 2015 2016 2017 Future

Downtown CBD 39% 21% 23% 17%2014 2015 2016 2017 Future

Belltown 9% 12% 16% 3% 60%2014 2015 2016 2017 Future

South Lake Union 17% 17% 16% 29% 21%2014 2015 2016 2017 Future

Green Lake/Wallingford 27% 59% 7% 7%2014 2015 2016 2017 Future

University District 21% 36% 26% 17%2014 2015 2016 2017 Future

Queen Anne 44% 31% 12% 13%2014 2015 2016 2017 Future

West Seattle 26% 37% 17% 20%2014 2015 2016 2017 Future

West Bellevue 7% 39% 3% 8% 43%2014 2015 2016 2017 Future

SODO 40% 19% 41%2014 2015 2016 2017 Future

First Hill 6% 55% 39%

45%

33%

6% 16%

Ballard 2014 2015 2016 2017 Future

34%

34%

7%

25%

Capitol Hill/Eastlake 2014 2015 2016

Future

39%

21%

23%

17%

Downtown CBD 2014 2015 2016 2017 Future

9%

12%

16%

3%

60%

Belltown 2014 2015 2016 2017 Future

17%

17%

16%

29%

21%

South Lake Union 2014 2015 2016 2017 Future

27%

59%

7% 7%

Green Lake/Wallingford 2014 2015 2016 2017 Future

21%

36% 26%

17%

University District 2014 2015 2016 2017 Future

44%

31%

12%

13%

Queen Anne 2014 2015 2016 2017 Future

26%

37% 17%

20%

West Seattle 2014 2015 2016 2017 Future

7%

39%

3%

8%

43%

West Bellevue 2014 2015 2016 2017 Future

40%

19%

41%

SODO 2014 2015 2016 2017 Future

6%

55%

39%

First Hill 2014 2015 2016

2017 Future

SOutH lake uniOn

5,715 unitS51%change in development pipeline from 2013 to 2014

1,986unitS

1,986unitS

Find out which neighborhoods have the largest development pipeline

Seattle MultifaMilyurban Market Study2014What every apartment investor needs to know about Seattle’s urban neighborhood development.

Dylan [email protected]

COllierS internatiOnal Seattle 2

Dylan Simon | 206 414 8575 | www.dylansimon.com 2014 Seattle MultifaMily urban Market Study

this past year has again proved the economic vitality of the Puget Sound region. Our diverse employment sector, strong entrepreneurial engine, robust post-secondary education system and high quality of life have placed us on the global map and provided us with an envious Post-recession economic outlook.

Having added nearly 50,000 jobs to the Seattle-bellevue-everett MSa in each of the last three years, and another 52,000 jobs forecasted for 2014, it is no surprise that we are one of the few economies to have regained all jobs lost since 2008.

apartment developers have responded to demand drivers over the last several years, adding 7,320 apartment units to the region in 2013, with plans to add another 40,000 units by 2018.

in our Post-recession economy, it is noteworthy that the focal point of investment capital is urban centers and neighborhoods. this phenomenon is demonstrated by both the development community and investment community.

With an apartment development and investment community demonstrably focused on urban centers and neighborhoods it is increasingly important to analyze these markets.

Job Growth fuels Continued development:Urban Locations Remain the Focus of Development & Investment

neighborhood analysis

develOPMent PiPeline &

SWOt analySiS

ballard

belltOWn

SOutH dOWntOWn/PiOneer Square

CaPitOl Hill

firSt Hill

queen anne

dOWntOWn

Green lake/ WallinGfOrd/

freMOnt

SOutH lake uniOn

WeSt bellevue

univerSity diStriCt

WeSt Seattle

90

90

520

BALLARD

QUEEN ANNE

UNIVERSITY DISTRICT

CAPITOL HILL

FIRST HILL

WEST BELLEVUE

BELLTOWN

DOWNTOWN

SODO/PIONEER SQUARE

WEST SEATTLE

SOUTH LAKE UNION

GREEN LAKE/WALLINGFORD/FREMONT

in the following study we start by analyzing key performance indicators from 2013. We then take a qualitative look at the attributes of our urban neighborhoods. finally, we take a quantitative study

of each neighborhood’s development pipeline and performance indicators.

Contact us to see how our analysis and insights can best serve your plans in 2014.



a look back at 2013 indicates a stellar year of economic vibrancy in Seattle and the Puget Sound region. the apartment investment market gained national attention by posting nation-leading rent growth at over 6.5% for the year and continued record occupancy levels.

in the investment sales market, marquee transactions pushed prices on a unit and square foot basis to all-time highs for the region. a closer analysis of the urban apartment market indicates that this market segment continues a trend of leading sales metrics from both volume and value perspectives.

2013 year in review

1 2 3Seattle by the numbers...

Number oNe city for tech jobs (Forbes, May 2013)

SecoNd best city for women entrepreneurs (Entrepreneur Magazine, May 2013)

Third best u.S. city for dogs (Estately, May 2013) 4 5number four

u.S. city for real estate investment (Urban Land Institute, November 2013)

fifTh best city for good jobs (Forbes, February 2013)

development

7,320

83%

56%

UnitS aDDeD to tri-coUnty in 2013, greateSt nUmber Since 1991

percentage of tri-coUnty Development

that lanDeD in King coUnty

percentage of tri-coUnty Development that lanDeD in

Urban King coUnty neighborhooDS

SnohomiSh coUnty anD pierce coUnty

Development

KingcoUnty

Development

Over Half Of tri-COunty develOPMent OCCured in urban kinG COunty neiGHbOrHOOdS

rental rates

SAN FRANCISCO SEATTLE

5.3%5.6%UNEMPLOYMENT

DECIBELS

127 137EARTHQUAKES

0 2

11% 9.8%VACANCY

111098765

-3.5POINT SPREAD

+3.5

# OF FAN-CAUSED B

111098765

COLLIERS IS ALL IN!GO SEAHAWKS!

SAN FRANCISCO SEATTLE

5.3%5.6%UNEMPLOYMENT

DECIBELS

127 137EARTHQUAKES

0 2

11% 9.8%VACANCY

111098765

-3.5POINT SPREAD

+3.5

# OF FAN-CAUSED B

111098765

COLLIERS IS ALL IN!GO SEAHAWKS!

average King coUnty rental rate, ½ of comparable Sf rent

$1,246 $3,000

vacancy rates

Sub-4%

4.0% vs. 4.8%

7.0% vs. 4.5%fall 2013 vacancy vS.

fall 2012 vacancy

increaSe in Urban rental rateS in 2013 vS. 13-year

average

<5%6.5%

King coUnty vacancy for Seven conSecUtive

QUarterS

increaSe in rental rateS in the region in 2013

2013 waS the firSt entire year of SUb-4% vacancy in metro

King coUnty Since 2007

average Seattle rental rate iS leSS than 1/2 of comparable

San franciSco rent

Based on data provided by Dupre + Scott



6 7america’s SixTh favorite city (Harris Interactive Poll, September 2013)

World’s number SeveN tech town (National Venture Capital Association, February 2013) 8 9 10number eighT

moving destination in the u.S. (U.S. Census Bureau, January 2013)

NiNTh best u.S. city for green homes (Redfin, April 2013)

TeNTh best-paying city for women (Forbes, February 2013)

Seattle by the numbers...

Sales—tri-County

tri-COunty kinG COunty urban kinG COunty

2000 2005 2012 2013

8.1

5.8 5.6 5.8

7.9

5.6 5.2 5.5

7.3

5.2 4.8 4.6

CaP

rate

2000 2005 2012 2013

$500M$393M

$95.4M

$1.81b

$1.35b

$550M

$2.15b

$1.65b

$749M

$1.61b

$1.16b

$783M

Sale

S vO

luM

e

2000 2005 2012 2013

53

117

79

52

33

75

53

34

616 19 17

nuM

ber

Of

Sale

S

33% vs. 14% vs. 11%2013 2005 2000

Since 2000, urban apartment sales in King County have tripled versus Tri-County

sales experiencing no growth.

Urban tranSactionS aS a % of tri-coUnty tranSactionS

2/3Since 2000, urban apartment sales volume in King

County has grown by a factor of 8 versus Tri-County sales growth barely tripling.

Urban tranSactionS aS a % of King coUnty SaleS volUme

<6 capCap rates across all counties

have compressed below 6% for nearly a decade.

cap rateS acroSS the region

an analysis of sales trends across the tri-county region since the turn of the century shows a demonstrable shift towards urban markets. a look at both the number of transactions and total value of transactions illustrates both greater focus on and investment in urban markets. a review of historic capitalization rates over this same period illustrates a vast compression of capitalization rates, yet relatively consistent spreads between geographic markets.

Based on data provided by Dupre + Scott



Sales—urban Centers & neighborhoods2013 Urban apartment SaleS metricS

2000-2013 Urban apartment SaleS trenDS

7.6%7.3%

7.1%

6.5%

5.7%

5.3%5.0%

4.7%4.5%

5.8%

5.4% 5.3%

4.7% 4.6%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Cap Rate

$144.56 $140.62 $155.34 $148.06

$168.16

$195.81

$253.66

$322.01 $338.64

$212.31

$280.80 $306.32

$395.05

$436.78

$‐

$50.00

$100.00

$150.00

$200.00

$250.00

$300.00

$350.00

$400.00

$450.00

$500.00

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Sale Price PSF

1960

1970

1980

1990

2000

2010

2020

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0%

Year Built

Cap Rate

1960

1970

1980

1990

2000

2010

2020

$‐ $100.00 $200.00 $300.00 $400.00 $500.00 $600.00

Building Ag

e

Sales Price Per Square Foot

Based on data provided by Dupre + Scott & Real Capital Analytics for buildings +50 units, built after 1960

1960

1970

1980

1990

2000

2010

2020

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0%

Year Built

Cap Rate

year

Sale Price/PSf

year

bui

lt

year

bui

lt

Cap rate

year

Cap

rate

Sale

s Pr

ice/

PSf



regional Overview

Snohomish County# of residents in 2000: 606,024

# of residents in 2013: 730,500

apartment inventory in 2000: 33,551


king County# of residents in 2000: 1,737,046

# of residents in 2013: 1,981,900



Pierce County# of residents in 2000: 700,818

# of residents in 2013: 814,500



SnohomiShcoUnty

King coUnty

pierce coUnty

2000

2013

2000

2013

2000

2000

2013

2013

2000

2013

= 100,000 residents

21% population growth from 2000 to 2013

1% apartment inventory

growth from 2000 to 2013





popUlation growth by coUnty

= 10,000 units

2000

2013



Based on data provided by Dupre + Scott and Washington State Office of Financial Management

apartment inventory growth by coUnty



Urban Pipeline

31,686 UniTS98% of King CoUnTy ToTal

32,189 UniTSToTal nUmber in

King CoUnTy PiPeline2014-fUTUre

deliveries in urban Centers and neighborhoods

Based on data provided by Dupre + Scott as of February 2014

dOWntOWn

4,363 unitS-20%change in development pipeline from 2013 to 2014

WeSt bellevue


ballard


CaPitOl Hill


firSt Hill


Green lake/ WallinGfOrd/freMOnt

1,754 unitS

-24%change in development pipeline from 2013 to 2014

S. dOWntOWn/PiOneer Square

838 unitS

21%change in development pipeline from 2013 to 2014

queen anne

861 unitS-37%change in development pipeline from 2013 to 2014

SOutH lake uniOn


WeSt Seattle


u diStriCt


2014 2015 2016 2017 future

belltOWn


13%

7%7% 27%

55%

6%

36%

21%

26%

17%

16%

29%

17%

8%

16%

12%

10%

39%

7%

3%8%

10%

16%

25%5% 35%

34%

7%

33%

46%6%

19%

40%

59%

37%

17%

26%

31%44%12%

16%

41%25%

20%

39%

17%

43%

21%

54%

43%



downtown (Cbd)

Strengths: » Core location, proximity to jobs, concentration of retail, adja-cency to waterfront and neighborhoods

Weaknesses: » Perception of danger/crime, concentration of social services, lack of parks

Opportunities: » development of boutique and mid-priced apartment projects, retail redevelopment along pedestrian corridors

Threats: » rising cost of all units, potential commoditization of product, crime, concentration of social services

Capitol Hill/first Hill

Strengths: » unrivaled character, diverse retail, great nighttime activation,

proximity to Cbd/first Hill job centers, walkability, ease of access from eastside, views

Weaknesses:» Proscriptive zoning for office development, lack of daytime

activation, challenging to find sites for new development and/or owner’s reluctance to sell, lack of parking

Opportunities:

» development of office and apartments along east Slope & South of Madison, retail development to meet rising needs, any use that promotes daytime activation, development capitalizing on emerging uses in denny triangle

Threats: » loss of character, rising prices, commoditization of apartment product, lack of daytime activation

South downtown/Pioneer Square

Strengths:

» Proximity to Cbd & waterfront, ease of access to multi-modal transit, flat topography, redevelopment & adaptive reuse of Pioneer Square buildings, development in the international district

Weaknesses: » Perception of crime, concentration of social services & home-less population, owner’s reluctance to redevelop and/or sell

Opportunities:» Capitalization on new zoning, market rate housing, retail & office

development, seizing opportunities related to Stadium district overlay & waterfront revitalization

Threats:» Crime, continued concentration of social services, lack of

nighttime activation, dilapidation of unreinforced masonry buildings

belltown

Strengths: » Proximity to Cbd/Slu & Westlake job centers, proximity to

soon-to-be revitalized waterfront, walkability, views, history of desirability

Weaknesses: » Current lack of character, poor/undesirable nighttime activation, lack of distinction block-by-block

Opportunities:

» retail redevelopment along pedestrian corridors, boutique development of retail, office & apartments, capitalization on waterfront revitalization, seizing opportunities as connection point between amazon.com headquarters and waterfront

Threats:» Perception of and actual crime, concentration of nighttime

activity, overdevelopment of high-cost apartments, lack of retailers coming to neighborhood

urban neighborhood S.W.O.t. analysis




Green lake/Wallingford/fremont

Strengths: » Great neighborhood atmosphere & scale, waterfront & neighborhood amenities, great retail character, walkability

Weaknesses: » restrictive parcel sizes & zoning, land owners resistant to sell-ing land, need to travel to get to job centers

Opportunities: » boutique apartment development, retail responsive to new apart-ment development, office development

Threats: » Potential of oversupply of apartments in micro-markets, lack of growth of retail amenities

university district

Strengths: » dense student population, increasing private sector involvement

with uW, proximity to Cbd, light-rail in 2016, proximity to great neighborhoods, walkability

Weaknesses: » Crime/loitering, retail owners resistance to highest and best use of land, patchy new development

Opportunities:» renewal of retail experience (especially along university ave),

student housing development, capitalization on proposed zoning changes

Threats: » lack of character of neighborhood experience, oversupply of high price-point apartments, lack of higher-end retail amenities

queen anne

Strengths: » neighborhood character, good transition to single family

neighborhood, proximity to Cbd/Slu job centers, diversity of apartment stock and price-points, vibrant nightlife, views

Weaknesses:» Hard to overcome neighborhood niMbyism, lack of character &

“there-there” in lower queen anne, lack of continuity of retail experience

Opportunities:» renewal of retail, apartment development on upper queen

anne, capitalization on proximity to renewed Slu, boutique apartment development

Threats: » Potential of apartment oversupply in lower queen anne, con-tinued lack of character in lower queen anne.

South lake union (Slu)

Strengths:

» Proximity to Cbd, adjacency to lake union amenities & freeways, vibrant daytime activation, plethora of retail amenities, brand-name that attracts development capital, bursting employment opportunities, walkability

Weaknesses: » lack of character/historic preservation, lack of topographic features, congestion of traffic, lack of nighttime attractions.

Opportunities:

» Continued retail development, distinguishing any development by providing character, capitalization on new zoning, seizing opportunities based on location between Cdb & university district

Threats:» Continued lack of character, traffic/congestion, overbuilding

of apartments at same price-point, costliness of land & bonus density



West Seattle

Strengths:

» fantastic neighborhood setting & vibe, great retail core, proximity to waterfront amenities, protected views, proximity of necessary services, walkability, great single family housing stock, history of desirability, burgeoning retail amenities

Weaknesses: » Perception of distance to urban core, limited and congested tran-sit routes to urban centers

Opportunities:

» unexploited zoning height limits within core neighborhoods, retail development to capture growing population and shifting demographic, pricing discount to core apartment product, aging stock of apartments

Threats: » increased congestion on transit routes, potential oversupply of apartments at higher price-points

West bellevue

Strengths:

» Mature market with strong employer base and huge draw for new employers, delineated as an urban center for future growth, proximity to freeway access to all major freeways, fantastic retail core that continues to expand, great access to waterfront & park amenities

Weaknesses:

» large blocks that challenge walkability, rather sterile downtown experience, zoning & parking requirements that make development challenging, lack of authentic retail/restaurants, prevailing social/political pressures often at odds with urbanist psychology

Opportunities:

» development of market rate apartments, renewal of retail along Main Street, any development that will create unique & authentic place-making, nightlife amenities responsive to growing downtown population, retail amenities responsive to shifting demographics

Threats:» Pressure against mass transit & decision to locate transit above-

ground, proscriptive zoning, traffic congestion to Seattle, lack of authenticity/character, concentration of high-priced apartments

ballard

Strengths:

» unmatched ‘coolness’ and caché, concentration of authentic & boutique retail, great neighborhood setting, good single family options close to retail core, walkability, availability of buildings for adaptive reuse development, relative proximity to Seattle’s urban core, the “ballard” brand

Weaknesses: » limited transit routes to urban cores, lack of immediate freeway access, distance to eastside employers

Opportunities:

» fantastic momentum in development community & capital mar-kets, development of boutique apartments/condos/townhomes, development of retail & much needed office space, infill between ballard and fremont (aka frelard or Soba)

Threats:» result of explosive growth is unknown, potential oversupply of

high-priced apartments, increased congestion/traffic on arterials to job centers




Based on data provided by Dupre + ScottRent and Vacancy Data as of Fall 2013*Average rent for buildings with 50+units, built after 1950†Historical Cumulative rent growth for buildings with 5+ units, built after 1900

ballardbelltOW

nSO

utH

dOWntOW

n/PiO

neer Square

CaPitOl H

illfirSt H

illq

ueen anne

dOWntOW

nGreen lake/

WallinGfO

rd/freM

Ont

SOu

tH lake u

niOn

WeSt bellevu

eu

niverSity diStriCt

WeSt Seattle

1

1021 pine Street 1021 Pine Street units: 20delivery: 1q 2017 developer: legacy Commercial

2

weStern & UniverSity 1301 Western avenue units: 180delivery: 2q 2016 developer: Mack urban

3

815 pine815 Pine Streetunits: 386delivery: 4q 2014 developer: Holland residential

4

ava802 Pine Streetunits: 200delivery: 4q 2016developer: executive Group of Companies

5

9 + pine1601 9th avenueunits: 74delivery: 4q 2014 developer: teutsch Partners

6

viKtoria 1915 2nd avenue units: 249delivery: 2014developer: Goodman real estate

7

2nD anD pine1608 2nd avenueunits: 398delivery: 1q 2017developer: equity residential

8

2030 8th avenUe2030 8th avenueunits: 355delivery: 2q 2015developer: Gid urban development Group

9

807 Stewart Street 807 Stewart Street units: 150delivery: 2q 2016 developer: rC Hedreen

10

2nD & virginia - SoUth tower1933 2nd avenueunits: 150delivery: early planning or on Hold developer: Credence equity

11

weSt eDge tower1430 2nd avenueunits: 157delivery: early planning or on Hold developer: urban visions

12

1200 Stewart 1200 Stewart Streetunits: 550delivery: early planning or on Hold developer: lexas Companies

13

1812 boren avenUe1812 boren avenueunits: 400delivery: early planning or on Hold developer: touchstone Corporation

14

2101 9th avenUe 2101 9th avenue units: 300delivery: early planning or on Hold developer: Gid urban development Group

15

2208 8th avenUe 2208 8th avenue units: 450delivery: early planning or on Hold developer: beebe realty

16

KinectS1823 Minor avenueunits: 344delivery: early planning or on Hold developer: Security Properties

7

9

1

11

12

131415 16

3

5

10

2

4

6

8

UnDer conStrUction early planning

DOWnTOWn $2.45averaGe rent Per

Square fOOt*vaCanCy

4.03.53.02.52.01.51.00.0

3.9% HiStOriCal CuMulative rent GrOWtH trend†

19.7% 3-year

35.8% 10-yearDeliveries

2014 2015 2016 2017 future709 355 530 418 2,351




ballardbelltOW

nSO

utH

dOWntOW

n/PiO

neer Square

CaPitOl H

illfirSt H

illq

ueen anne

dOWntOW

nGreen lake/

WallinGfO

rd/freM

Ont

SOu

tH lake u

niOn

WeSt bellevu

eu

niverSity diStriCt

WeSt Seattle

1

wave 201 S king Streetunits: 333delivery: 3q 2014 developer: daniels real estate

2

310 4th avenUe S 310 4th avenue S units: 158delivery: 4q 2015 developer: Goodman real estate

3

civic SQUare601 4th avenueunits: 192delivery: early planning or on Hold developer: triad development

4

80 S main Street 80 S Main Street units: 50delivery: early planning or on Hold developer: Goodman real estate

5

StaDiUm terrace589 Occidental avenue Sunits: 105delivery: early Planningdeveloper: lakeside Capital Management

1

3

5

2

4


$2.45averaGe rent Per

Square fOOt*vaCanCy

4.03.53.02.52.01.51.00.0


19.7% 3-year


2014 2015 2016 2017 future333 158 0 0 347

SOuTh DOWnTOWn/PiOneer Square




ballardbelltOW

nSO

utH

dOWntOW

n/PiO

neer Square

CaPitOl H

illfirSt H

illq

ueen anne

dOWntOW

nGreen lake/

WallinGfO

rd/freM

Ont

SOu

tH lake u

niOn

WeSt bellevu

eu

niverSity diStriCt

WeSt Seattle

7

1

9

3

5

8

2

11

19

13

21

29

1523

31

1725

33 27

35

12

20

14

22

30

16

24

32

18

26

34

36

4

6


1

10th & Union 954 e union Streetunits: 79delivery: 1q 2014developer: Seawest inv. assoc.

2

1200 e piKe Street1200 e Pike Streetunits: 88delivery: 1q 2015developer: tarragon

3

1420 e maDiSon Street1420 e Madison Streetunits: 70delivery: 3q 2015developer: Metropolitan Homes

4

1427 11th avenUe 1427 11th avenue units: 136delivery: 3q 2016 developer: Mill Creek resid.

5

1650 e olive way1650 e Olive Wayunits: 78delivery: 3q 2014developer: b&O development

6

505 11th avenUe e505 11th avenue eunits: 22delivery: 2q 2015developer: nik | Chick

7

611 e howell Street 611 e Howell Street units: 25delivery: 1q 2016

8

broaDStone capitol hill1020 e union Streetunits: 248delivery: 4q 2015developer: alliance residential

9

eaSt John 1117 e John Streeunits: 47delivery: 4q 2015developer: Paar development

10

gatSby 1145 10th avenue eunits: 70delivery: 2q 2014developer: Continental

11

harvarD eStateS515 Harvard avenue eunits: 73delivery: 2q 2015developer: barrientos llC

12

havarD flatS802 e thomas Streetunits: 70delivery: 2q 2015developer: WrP associates

13

hollywooD loftS127 broadway avenue eunits: 24delivery: 1q 2015developer: barrientos llC

14

lexicon120 Harvard avenue eunits: 38delivery: 3q 2014developer: barrientos llC

15

local 422422 Summit avenue eunits: 48delivery: 2q 2015developer: inCity Properties

16

reo flatS1515 14th avenueunits: 108delivery: 2q 2014developer: Madrona

17

Sola 24109 12th avenue eunits: 23delivery: 2q 2014developer: Sola 16 llC

18

Stream belmont500 belmont avenue eunits: 71delivery: 2q 2014developer: Stream re

19

SUmmit1728 Summit avenueunits: 41delivery: 1q 2015 developer: triad Capital

20

SUnSet electric blDg.1530 11th avenueunits: 92delivery: 2q 2014developer: Wolff Company

21

viva 1111 e union Street units: 105delivery: 2q 2014 developer: alliance residential

22

weStSiDe801 e thomas Streetunits: 48delivery: 2q 2014developer: WrP associates

23

yarDhoUSe flatS1406 e republican Streetunits: 35delivery: 3q 2014developer: revolve dev.

24

Stream fifteen 605 15th avenue units: 34delivery: 2q 2015 developer: Stream re

25

weatherforD133 14th avenue eunits: 42delivery: 3q 2014developer: Murray franklyn

26

1600 e John1600 e John Streetunits: 39delivery: 4q 2014developer: trinity real estate

27

133 18th avenUe e133 18th avenue eunits: 50delivery: 3q 2015developer: Odegard Gockel

28

larSon bUilDing 3206 Havard avenue e units: 47delivery: 3q 2015

29

charbern ii1713 belmont avenue units: 36delivery: early Planningdeveloper: epic asset Mgmt.

30

123 bellevUe avenUe e 123 bellevue avenue e units: 100delivery: early Planning

31

SoUnD tranSit Site a 150 broadway avenue eunits: 132delivery: early Planning

32

SoUnD tranSit Site b north175 10th avenue eunits: 86delivery: early Planning

33

SoUnD tranSit Site b SoUth125 10th avenue eunits: 85delivery: early Planning

34

SoUnD tranSit Site c 1830 broadway avenueunits: 94delivery: early Planning

35

SoUnD tranSit Site D1821 broadway avenueunits: 44delivery: early Planning

36

1312 e olive Street1312 e Olive Streetunits: 41delivery: early planningdeveloper: SeCO development

28 10


Square fOOt*vaCanCy

4.03.53.02.52.01.51.00.0

2.7% HiStOriCal CuMulative rent GrOWtH trend

21.7% 3-year


2014 2015 2016 2017 future828 862 161 0 618

caPiTOl hill




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WeSt Seattle

1

ava capitol hill600 e Pike Streetunits: 249delivery: 3q 2015 developer: avalon bay Communities

2

cielo 802 Seneca Streetunits: 335delivery: 2q 2015 developer: laconia development

3

cUe721 e Pine Streetunits: 95delivery: 2q 2015developer: O&S Partners

4

DUnn aUtomotive 501 e Pike Streetunits: 104delivery: 4q 2015 developer: Hunters Capital

5

excelSior301 e Pine Streetunits: 205delivery: 4q 2015 developer: Madison development

6

piKe motorworKS 714 e Pike Streetunits: 260delivery: 3q 2015 developer: Wolff Company

7

three20320 e Pine Streetunits: 131delivery: 1q 2014 developer: Stratford Company

8

1013 8th avenUe1013 8th avenueunits: 200delivery: early Planning

9

601 e piKe Street601 e Pike Streetunits: 60delivery: early Planning developer: intracorp

10

800 colUmbia Street 800 Columbia Street units: 287delivery: early Planning developer: Credence equity

11

harbor viSta 500 terry avenueunits: 329delivery: early Planning developer: Credence equity

7

1

9

11

35

8

10

2

4

6



Square fOOt*vaCanCy

4.03.53.02.52.01.51.00.0


31.5% 3-year


2014 2015 2016 2017 future131 1,248 0 0 876

firST hill




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1

3031 weStern avenUe3031 Western avenueunits: 100delivery: 4q 2016 developer: Martin Selig real estate

2

4th anD Denny2720 4th avenueunits: 161delivery: 4q 2015developer: Hb Capital

3

potala tower Seattle 2116 4th avenueunits: 342delivery: 4q 2016 developer: dargey enterprises

4

n-habit belltown2217 3rd avenueunits: 49delivery: 2014developer: daly Partners

5

walton loftS 2521 Western avenueunits: 137delivery: 3q 2015 developer: Schuster Group

6

arthoUSe2334 elliott avenueunits: 139delivery: 2q 2014 developer: the Pauls Corporation

7

car toyS bUilDing307 broad Street units: 150delivery: 4q 2017developer: Hb Capital

8

DimenSion by alta2625 3rd avenueunits: 298delivery: 3q 2014 developer: Wood Partners

9

600 wall600 Wall Streetunits: 310delivery: 4q 2016 developer: laconia development

10

1601 2nD avenUe 1601 2nd avenue units: 367delivery: early planning or on Hold developer: Principal financial Group

11

2603 3rD avenUe 2603 3rd avene units: 100delivery: early planning or on Hold developer: Hb Capital

12

2nD & wall210 Wall Streetunits: 327delivery: early planning or on Hold developer: bentall kennedy

13

3rD & virginia 2000 3rd avenueunits: 493delivery: early planning or on Hold developer: bentall kennedy

92

3

1

4

6

11

13

10

8

12

5

7



Square fOOt*vaCanCy

4.03.53.02.52.01.51.00.0


19.7% 3-year


2014 2015 2016 2017 future486 298 752 150 1,287

bellTOWn




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1

101 John101 John Streetunits: 20delivery: 1q 2015 development: indonesian developments

2

306 Qa306 queen anne avenue nunits: 53delivery: 2q 2014 development: Gramor development

3

3rD & repUblican500 3rd avenue Wunits: 76delivery: 3q 2014 development: Continental Properties

4

aStro315 1st avenue nunits: 212delivery: 2q 2015 development: SrM development

5

canvaS600 elliott avenue Wunits: 124delivery: 4q 2014 development: Goodman real estate

6

n-habit etrUria 22 etruria Streetunits: 103delivery: 1q 2016development: daly Partners

7

QUeen anne flatS521 2nd avenue Wunits: 33delivery: 1q 2015 development: isola Homes

8

QUeen anne towne1900 queen anne avenue nunits: 126delivery: 2q 2014 development: emerald bay equity

9

14 w roy Street14 W roy Streetunits: 77delivery: early Planningdevelopment: Metropolitan Homes

10

221 w repUblican 221 W republican Streetunits: 37delivery: early Planningdevelopment: CJd investments

1

103

42

57

9

6

8



Square fOOt*vaCanCy

4.03.53.02.52.01.51.00.0


22.8% 3-year


2014 2015 2016 2017 future379 265 103 0 114

queen anne




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1

centUry 101 taylor avenue nunits: 258delivery: 3q 2014developer: SrM development

2

1120 John Street1120 John Streetunits: 800delivery: 3q 2017developer: Onni Group

3

201 weStlaKe 201 Westlake avenue nunits: 78delivery: 4q 2015 developer: Macfarlane Partners

4

810 Dexter 810 dexter avenue nunits: 370delivery: 2q 2016 developer: Holland residential

5

8th & repUblican430 8th avenue nunits: 211delivery: 4q 2015developer: Wolff Company

6

8th & thomaS777 thomas Streetunits: 174delivery: 3q 2015 developer: Macfarlane Partners

7

amli SlU i1260 republican Streetunits: 175delivery: 2q 2014 developer: aMli residential

8

amli SlU ii528 Pontius avenue nunits: 118delivery: 2q 2015 developer: aMli residential

9

apertUre on fifth500 John Streetunits: 106delivery: 3q 2014 developer: l & P Partners

10

caScaDe221 Minor avenue nunits: 264delivery: 2q 2016 developer: equity residential

11

caScaDe ii222 fairview avenue nunits: 225delivery: 2q 2016 developer: equity residential

12

elan SoUth laKe Union400 boren avenue nunits: 282delivery: 3q 2015developer: Greystar development

13

floriSt blocK 1255 Harrison Streetunits: 375delivery: 2q 2017developer: vulcan northwest

14

hyatt hoUSe416 John Streetunits: 56delivery: 1q 2015 developer: kauri investments

15

rivet1201 Mercer Streetunits: 134delivery: 1q 2014 developer: Holland residential

16

trUe north 801 dexter avenue nunits: 286delivery: 1q 2014developer: Holland residential

17

435 Dexter avenUe 435 dexter avenue units: 275delivery: 1q 2017developer: Mill Creek residential

18

901 harriSon Street 901 Harrison Street units: 200delivery: 2q 2017developer: Macfarlane Partners

19

n-habit Dexter 1701 dexter avenue nunits: 66delivery: 3q 2015developer: daly Partners

20

1415 Dexter avenUe n 1415 dexter avenue nunits: 62delivery: 1q 2016

21

1101 weStlaKe avenUe n 1101 Westlake avenue nunits: 500delivery: early Planningdeveloper: Holland residential

22

624 yale avenUe n624 yale avenue nunits: 200delivery: early planning or on Hold developer: blume Company

23

mercer blocKS 550 dexter avenue nunits: 200delivery: early planning or on Hold developer: vulcan northwest

24

Denny/fairview105 fairview avenue nunits: 300delivery: early planning or on Hold developer: Onni Group

1

17

18

19

20

21

22

314

5

164

2

15

6

12

8

13

23

24

7

11910



Square fOOt*vaCanCy

4.03.53.02.52.01.51.00.0


19.7% 3-year


2014 2015 2016 2017 future959 985 921 1,650 1,200

SOuTh lake uniOn




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1

5

3

2

6

11

8

10

14

7

12

9

13

4


1

1321 n 45th Street1321 n 45th Streetunits: 158delivery: 2q 2015 developer: Mack urban

2

3801 Stone way n3801 Stone Way nunits: 277delivery: 4q 2015 developer: legacy Partners

3

phinney6800 Greenwood avenue n units: 46delivery: 4q 2015 developer: isola Capital Mgmt.

4

77 aUrora avenUe n7612 aurora avenue n units: 34delivery: 4q 2015

5

85th & 1St 101 nW 85th Streetunits: 104delivery: 3q 2015 developer: Security Properties

6

amli wallingforD3400 Wallingford avenue nunits: 240delivery: 3q 2015 developer: aMli residential

7

fremont green 3601 Greenwood avenue nunits: 64delivery: 2q 2015 developer: Gramor development

8

greenlaKe village7104 Woodlawn avenue neunits: 297delivery: 2014developer: lorig associates

9

pillar propertieS Stone way4106 Stone Way nunits: 125delivery: 3q 2016 developer: Pillar Properties

10

ray 3636 Stone Way nunits: 119delivery: 2q 2015developer: Mack urban

11

velo3635 Woodland Park avenue nunits: 171delivery: 3q 2014 developer: Mack urban

12

6010 phinney avenUe n6010 Phinney avenue nunits: 23delivery: early Planning developer: Horizon realty advisors

13

7216 aUrora avenUe n7216 aurora avenue nunits: 34delivery: early Planning developer: lee & associates

14

414 ne ravenna blvD414 ne ravenna blvd, Seattleunits: 62delivery: early Planning developer: royal arms C.P.


Square fOOt*vaCanCy

4.03.53.02.52.01.51.00.0


16.9% 3-year


2014 2015 2016 2017 future468 1,042 125 0 119

green lake/ WallingfOrD/ fremOnT




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1

12th avenUe StUDioS4123 12th avenue neunits: 102delivery: 3q 2014developer: triad Capital

2

bayview2249 ne 49th Street units: 20delivery: 3q 2015developer: newmark realty

3

4717 brooKlyn avenUe ne4717 brooklyn avenue neunits: 56delivery: 3q 2015 developer: fields Holdings

4

4750 rooSevelt way ne4750 roosevelt Way neunits: 60delivery: 2q 2015 developer: a&t investments

5

5000 UniverSity way ne5000 university Way neunits: 115delivery: 4q 2015 developer: Cohanim llC

6

SQUare one1020 ne 63rd Streetunits: 112delivery: 2q 2014developer: intracorp

7

briDgeS @ 11th 4557 11th avenue neunits: 184delivery: 3q 2015developer: Security Properties

8

brooKlyn coUrt6515 brooklyn avenue neunits: 110delivery: 4q 2017developer: Hb Capital

9

rooSevelt i6503 15th avenue neunits: 200delivery: 3q 2017 developer: Hb Capital

10

rooSevelt ii6505 15th avenue neunits: 220delivery: 3q 2017developer: Hb Capital

11

41St Street StUDioS4106 12th avenue neunits: 106delivery: 3q 2014developer: triad development

12

lavita4055 8th avenue neunits: 60delivery: 1q 2015developer: Money Grass

13

n-habit rooSevelt 4737 roosevelt Way neunits: 65delivery: 4q 2015 developer: daly Partners

14

lightbox4545 8th avenue neunits: 162delivery: 2q 2014 developer: intracorp

15

rooSter835 ne 66th Streetunits: 194delivery: 3q 2015 developer: lake union Partners

16

7th avenUe ne StUDioS4029 7th avenue neunits: 75delivery: 4q 2014 developer: triad Capital

17

800 ne 67th Street800 ne 67th Streetunits: 270delivery: 4q 2015 developer: Mack urban

18

geneSiS4041 roosevelt Way neunits: 214delivery: 4q 2017developer: vulcan northwest

19

47+74558 7th avenue neunits: 24delivery: 3q 2014 developer: Wallace Properties

20

brooKlyn place4128 brooklyn avenue neunits: 84delivery: early planningdeveloper: Horizon realty

21

4710 11th avenUe ne 4710 11th avenue ne units: 40delivery: early planningdeveloper: Money Grass

22

5260 UniverSity way ne5260 university Way neunits: 68delivery: early planningdeveloper: ying development

23

4302 7th avenUe ne 4302 7th avenue ne units: 47delivery: early Planning developer: 12 bellevue int’l.

24

4555 rooSevelt way ne4555 roosevelt Way neunits: 168delivery: early Planning developer: amer. Campus

25

acaDemia coUrt4039 8th avenue neunits: 59delivery: early Planning developer: lukito development

1

10

21

22

43

25

7

9

20

23

24

25 1112

14

16

18

13

1517

19

6

8



Square fOOt*vaCanCy

4.03.53.02.52.01.51.00.0


14.0% 3-year


2014 2015 2016 2017 future581 1,024 0 744 466

univerSiTy DiSTricT




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7

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11

19

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21

15

2324

17

1220

14 22

16

18

4

6


1

3210 california avenUe Sw3210 California avenue SWunits: 149delivery: 4q 2015 developer: intracorp

2

3829 california avenUe Sw3829 California avenue SWunits: 29delivery: 3q 2015developer: arrow Construction

3

4400 alaSKa4400 SW alaska Streetunits: 40delivery: 4q 2015developer: isola Capital Mgmt.

4

4435 35th avenUe Sw4435 35th avenue SWunits: 159delivery: 4q 2015 developer: trinsic residential

5

4505 42nD avenUe Sw4505 42nd avenue SWunits: 50delivery: 2q 2016developer: CaPCO investments

6

47304730 California avenue SWunits: 88delivery: 4q 2014developer: Wolff Company

7

whittaKer4755 fauntleroy Way SWunits: 372delivery: 4q 2016developer: lennar Multifamily

8

6917 california avenUe Sw6919 California avenue SWunits: 30delivery: 4q 2015 developer: Soleil development

9

9030 35th avenUe Sw9030 35th avenue SWunits: 40delivery: 1q 2015developer: linardic design Group

10

blaKe5020 California avenue SWunits: 103delivery: 3q 2014developer: f&M development

11

broaDStone SKy 4745 40th avenue SWunits: 151delivery: 2q 2015 developer: alliance residential

12

JUnction flatS4433 42nd avenue SWunits: 80delivery: 4q 2015developer: bCk investments

13

loftS at the JUnction 4535 44th avenue SWunits: 38delivery: 3q 2015 developer: vending Solutions

14

oregon 424502 42nd avenue SWunits: 133delivery: 1q 2014developer: Conam

15

SprUce weSt Seattle3922 SW alaska Streetunits: 216delivery: 4q 2014developer: Madison development

16

vUe3261 SW avalon Wayunits: 111delivery: 1q 2014developer: Cfd llC

17

weSt Seattle JUnction4730 California avenue SWunits: 206delivery: 2q 2015developer: equity residential

18

3064 Sw avalon way3064 SW avalon Wayunits: 108delivery: early planningdeveloper: nor Pac equities

19

aQUa bella3303 Harbor avenue SWunits: 97delivery: early planningdeveloper: Cadence real estate

20

elliot tire Site 4441 fauntleroy Way SWunits: 60delivery: early planning

21

4515 41St avenUe Sw4515 41st avenue SWunits: 75delivery: early planningdeveloper: bCk investments

22

4532 42nD avenUe Sw4532 42nd avenue SWunits: 35delivery: early planningdeveloper: Golden Stream 4106

23

3078 Sw avalon way3078 SW avalon Wayunits: 102delivery: early planningdeveloper: arrow Construction

24

4106 DelriDge way Sw4106 delridge Way SWunits: 30delivery: early planningdeveloper: Simpson & Simpson

10

1


Square fOOt*vaCanCy

4.03.53.02.52.01.51.00.0


18.7% 3-year


2014 2015 2016 2017 future651 922 422 0 507

WeST SeaTTle




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1

1436 nw 62nD Street 1436 nW 62nd Street units: 27delivery: 3q 2015 developer: Greenbuild development

2

5601 22nD avenUe nw5601 22nd avenue nWunits: 82delivery: 2q 2016

3

amli ballarD2428 nW Market Streetunits: 304delivery: 3q 2014developer: aMli residential

4

ballarD tallman5343 tallman avenue nWunits: 303delivery: 3q 2015 developer: equity residential

5

ballarD weSt5711 24th avenue nWunits: 111delivery: 1q 2015developer: Pryde + Johnson

6

crown hill 8026 15th avenue nW units: 25delivery: 4q 2014developer: Goodman real estate

7

Urbana1501 nW Market Streetunits: 287delivery: 1q 2014developer: equity residential

8

7016 15th avenUe nw7016 15th avenue nWunits: 90delivery: early Planning

9

ballarD loftS6404 24th avenue nWunits: 72delivery: early Planningdeveloper: William Parks inc

10

1762 nw 59th Street 1762 nW 59th Street units: 25delivery: early Planning

11

2248 nw 64th Street2248 nW 64th Street units: 24delivery: early Planningdeveloper: William Parks inc

7

1

9

3

5

8

2

10

11

4

6



Square fOOt*vaCanCy

4.03.53.02.52.01.51.00.0


29.6% 3-year


2014 2015 2016 2017 future616 441 82 0 211

ballarD




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1

1019 103rD avenUe ne 1019 103rd avenue ne units: 175delivery: 4q 2015 developer: Province Group

2

alley 11111011 ne 9th Streetunits: 260delivery: 3q 2015 developer: Skanska

3

bellevUe parK ii88 102nd avenue neunits: 160delivery: 4q 2015 developer: Cantera development Group

4

bellevUe SQUare expanSion401 bellevue Way neunits: 249delivery: 2q 2018 developer: kemper development

5

bellevUe at main15 bellevue Way Seunits: 262delivery: 2q 2015 developer: SrM development

6

lincoln SQUare ii410 bellevue Way neunits: 285delivery: 2q 2017 developer: kemper development

7

main Street10505 Main Streetunits: 260delivery: 2q 2015 developer: alamo Manhattan

8

main Street gateway10360 Main Streetunits: 370delivery: 4q 2015 developer: vander Hoek Corp

9

parK metro11017 ne 12th Streetunits: 78delivery: 2014developer: evergreen Point development

10

Soma towerS i288 106th avenue neunits: 148delivery: 2q 2014 developer: Su development

11

Soma towerS ii220 106th avenue neunits: 124delivery: 2q 2016 developer: Su development

12

tUlUm DownS 515 102nd avenue Seunits: 40delivery: 3q 2014 developer: diller associates

13

bellevUe plaza 10510 Main Streetunits: 550delivery: early planningdeveloper: united dominion realty

14

201 106th avenUe ne 201 106th avenue ne units: 100delivery: early planningdeveloper: 12 bellevue international investment

15

437 108th avenUe ne 437 108th avenue ne units: 100delivery: early planningdeveloper: niu enterprises

16

caDillac Site i 1001 106th avenue neunits: 317delivery: early planningdeveloper: united dominion realty

17

caDillac Site ii1001 106th avenue neunits: 183delivery: early planningdeveloper: united dominion realty

18

noma10246 Main Streetunits: 130delivery: early planningdeveloper: vander Hoek Corp

1

1411

3

5

4

2

615

8

17

12

13

10

18

7

16

9



Square fOOt*vaCanCy

4.03.53.02.52.01.51.00.0


24.4% 3-year


2014 2015 2016 2017 future266 1,487 124 285 1,629

WeST bellevue



this document has been prepared by Colliers international for advertising and general information only. Colliers international makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. any interested party should undertake their own inquiries as to the accuracy of the information. Colliers international excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. this publication is the copyrighted property of Colliers international and /or its licensor(s). © 2014. all rights reserved.

dylan P. Simondirect 206 624 7413mobile 206 414 [email protected]

Colliers international601 union Street, Suite 5300Seattle, Washington 98101206 223 0866www.colliers.com

frOm The auThOr

With nearly all of king County’s new apartment development slated for urban centers and neighborhoods, never has it been more important to study emerging trends on a micro-market level, as well as take into consideration interplay between all asset classes – including retail and office. the intention of this study is to provide clearer optics into trends in Seattle’s urban centers and neighborhoods and thereby assist clients with investment theses for the development, acquisition and disposition of multifamily assets.

Sales Specialties

» urban infill apartment complexes» $15M — $100M apartment complexes» value-add of urban and suburban apartment complexes» development land for apartments and mixed uses» adaptive re-use and repositioning of obsolescent buildings

Dylan Simoninvestment Sales

follow my blog at: www.dylansimon.com

2014 seattle multifamily urban market study -- dylan simon

Real Estate